Oil benchmarks regained some ground lost yesterday as an assurance was given by Kuwait Petroleum Corp. that it was committed to curbing output.
It has been historically difficult to follow through on production cut agreements but most participants are saying the correct things at this point to keep the market optimistic.
This week’s inventory figures will be reported tomorrow due to Monday's holiday, a draw on crude stockpiles is expected.
Bunker prices were firmer in the primary ports.
WTI February $53.26/BBL UP $0.93/BBL
Brent March $56.46/BBL UP $0.99/BBL
Tim Bonett, Broker & Trader, KPI Bridge Oil